Bitcoin analysis for 14/09/2017:
Good news from South Korea for all Bitcoin investors has hit the newswires recently. The South Korean police have taken 216 Bitcoins from the person suspected of illegal activity using the cryptocurrency. However, the court ruled that the seizure was unjustified. This case is a groundbreaking precedent that makes the Bitcoin and other cryptocurrencies safe from confiscation. Although South Korea is one of the countries most open to Bitcoin, it is also taking steps to regulate aspects such as legal status, stock exchanges, and ICOs. The court ruling in Suwon County can cause a considerable stir among financial watchdogs in the country as well as in the world. Such a position is different from that presented by the Chinese authorities. Bitcoin confiscation was defined as unjustified because “it can not accept standard, objective value”. Moreover, it is suggested that BTC as a virtual currency has no material form, so it is practically impossible to confiscate.
Let’s now take a look at the Bitcoin technical picture on the H1 time frame. The market keeps sliding towards the next important technical support at the level of $3, 588. However, the price tries to bounce from the oversold market conditions, but so far the technical resistance at the level of $3,992 still hasn’t been violated. From the Elliott Wave Theory point of view, the market is in the last stage of the simple ABC correction and should bounce soon.
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